MORGAN STANLEY SEC Filings

Morgan Stanley Finance LLC issues structured, market-linked notes maturing April 16, 2031, fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 per note and pays no periodic interest. At maturity investors receive the stated principal and, if the S&P 500® Futures Excess Return Index (the underlier) closes above the initial level, an upside payment equal to the stated principal × participation rate 111% × the index percent change. The estimated value on the pricing date is approximately $944.30 per note. Payments are unsecured and subject to Morgan Stanley’s credit risk; the notes are not listed and secondary trading may be limited. Tax treatment is as contingent payment debt instruments for U.S. holders; Section 871(m) treatment for Non-U.S. holders is discussed and the issuer expects it will not apply based on current determinations.

Morgan Stanley Finance LLC priced structured, principal‑at‑risk notes linked to the worst performing of the S&P 500®, Nasdaq‑100® and Dow Jones Industrial Average. The securities have a $1,000 stated principal amount per security, an estimated value of approximately $969.40 on the pricing date, and an original issue price of $1,000 per security.

Key terms: strike and pricing date April 2, 2026; original issue date April 8, 2026; maturity April 5, 2029; first determination date April 6, 2027 (automatic early redemption if each underlier ≥ call threshold); early redemption payment $1,150; participation rate 210%; buffer 15%; minimum payment at maturity 15% of stated principal. Payments are subject to issuer and guarantor credit risk and the securities do not pay interest.

Morgan Stanley Finance LLC priced contingent income auto-callable notes due April 16, 2031, linked to the worst performing share of Netflix, Meta Platforms and Micron. Each note has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $939.70. The notes pay a contingent coupon of 9.50% per annum only if, on each observation date, the closing level of every underlier is at or above its coupon barrier (75% of its initial level). The notes can be automatically redeemed early if each underlier meets its call threshold (100% of initial level) on a redemption determination date, with the first such determination on April 12, 2027. All payments are unsecured and subject to Morgan Stanley’s credit risk; the notes will not be listed on any exchange.

Morgan Stanley Finance LLC priced auto-callable, principal-at-risk market-linked securities tied to the S&P 500® Index due May 3, 2029. Each security has a $1,000 face amount and an estimated value of approximately $960 on the pricing date. The securities feature a 100% participation rate, a 10% buffer against losses at maturity, and an automatic call provision with a call date of May 4, 2027 and a minimum call payment of $1,102.50 (≈10.25% premium). The pricing date is April 29, 2026 and original issue date is May 4, 2026. Buyers bear issuance, selling, structuring and hedging costs included in the face amount, agent commissions of $25.75 per security, and full credit risk of Morgan Stanley; investors may lose up to 90% of face amount at maturity if the index declines sufficiently.

Morgan Stanley Finance LLC priced Dual Directional Buffered Participation Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an aggregate principal amount of $500,000. The securities pay no interest and mature on September 30, 2027. Payments at maturity depend on the index closing level on the observation date: above the initial level investors receive principal plus upside (100% participation) capped at $1,152.50; if the final level is between the initial level and a 10% buffer, investors receive principal plus a capped positive absolute-return amount; if below the buffer investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 10% of principal. All payments are subject to issuer and guarantor credit risk, and the estimated value on the pricing date was $964.60 per security.

Morgan Stanley Finance LLC is offering Principal at Risk securities with an aggregate principal amount of $160,000 (160 securities at $1,000 per security). The securities mature on March 31, 2031 and are linked to the EURO STOXX 50® Index.

At maturity the payout depends on the index level on the observation date: upside is paid at a leverage factor of 140.25% if the final level exceeds the initial level; a capped positive return applies when the index declines but remains at or above the buffer level (85% of initial); losses occur dollar-for-dollar for declines beyond the 15% buffer. The estimated value on pricing was $928.70 per security; the issue price is $1,000, with a $40 selling commission and proceeds to issuer of $960 per security. All payments are subject to issuer and guarantor credit risk and a minimum payment at maturity of 15% of principal.

Morgan Stanley Finance LLC issued a pricing supplement for principal-at-risk, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities permit automatic early redemption beginning on April 5, 2027 if the closing level of the underlier meets or exceeds the call threshold of 2,109.735 (90% of the initial level). If not auto-redeemed, payment at maturity on March 31, 2031 depends on the final level: a fixed positive payment of $1,737.50 if the final level is at or above the call threshold, return of principal if final level is at or above the downside threshold of 1,172.075 (50% of initial), or a proportionate principal loss if below the downside threshold. All payments are unsecured and subject to Morgan Stanley's credit risk; the estimated value on the pricing date was $890.20 per security.

Morgan Stanley Finance LLC priced a primary offering of Principal at Risk notes fully and unconditionally guaranteed by Morgan Stanley with an aggregate principal amount of $1,946,000. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of $894.80.

The notes pay a contingent coupon at an annual rate of 9.25% only if the underlier’s closing level on observation dates meets the coupon barrier (65% of the initial level). The notes include an automatic early redemption feature tied to the call threshold (initial level) and a buffer that protects the first 15% of underlier decline; the minimum payment at maturity is 15% of principal. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced Contingent Income Auto-Callable Securities linked to Netflix, Inc. with an aggregate principal amount of $100,000, issued at $1,000 per security and fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon of 11.25% per annum on observation dates when the closing level of Netflix is at or above the coupon barrier of $60.730 (approximately 65% of the initial level). The notes may be automatically redeemed early if Netflix closes at or above the call threshold of $93.43 on a redemption determination date; if not redeemed, maturity payoff depends on the final level versus the downside threshold of $60.730, exposing investors to up to full principal loss.